How Unlimited Automatic Recharge in Mediclaim Policy is Helpful?

Mediclaim Policy and You

Gone are the days when getting health insurance was a complicated process. Today, every single step in the journey, from getting health insurance and paying premiums to settling claims, is transparent and simplified. Better yet, the entire process of applying for health insurance can be done online including comparing different schemes available, their features, premiums, tax benefits, etc. in order to pick the one best suited to your needs.

Health care is a costly and unavoidable expense. Saving up and creating emergency funds for it is no longer financially viable. Health insurance plans can cover everything from medical emergencies, pre and post-hospitalization expenses, treatments, medical tests, and medication. Health insurance is the best way to secure your health.

Benefits of Health Insurance

Medical expenses for the uninsured can take a massive toll on savings. With advances in healthcare, there are a plethora of interventions and treatments available to patients. The cost of these treatments however is also astronomical. The most cost-effective way to prepare yourself for these expenses is to buy medical insurance. For many, health insurance is offered by employers, but that alone isn’t enough. The coverage covers spouses and other dependents including parents and children. If your employer doesn’t provide health insurance, there are a variety of affordable health insurance plans that you can invest in for yourself and your family.

Against a monthly or annual premium of a certain amount, you can avail a health insurance policy that covers hospitalization expenses, pre and post-operation tests, and medication through cashless procedures and speedy claim settlements. There are other benefits that may be offered as part of your policy including an automatic recharge facility, no-claim bonus and add-on cover, instant renewals, etc. that should be considered before finalizing a health insurance plan for yourself.

What is the Unlimited Automatic Recharge Facility All About?

An unlimited automatic recharge facility is one of the best features of a mediclaim policy. If in doubt whether a health insurance plan is worth the premiums for young healthy families, the auto-recharge mediclaim policies make the effort well worth it. Automatic recharge is a facility offered by mediclaim policy providers that reinstate the insured amount if the insured amount has been exhausted entirely by the policyholder for that policy year. To better explain how auto-recharge works let’s look at an example.

Suppose you have taken out a medical insurance policy with a coverage of 1 lakh for a term of 1 year. Due to a medical emergency, that entire amount is utilized towards treatment expenses. Now that the claim amount has been exhausted by you, what happens if any medical expenses arise during the rest of the policy year? Auto-recharge aims to tackle just that. By availing of the auto-recharge facility, the policy provider reinstates the whole insured amount that can be used to cover medical expenses that may crop up unexpectedly during the remainder of the policy year. Auto-recharge allows for a single reinstatement of the insured sum for that policy year. An unlimited auto-recharge means that the insured sum will keep getting reinstated after the full claim amount is exhausted.

The unlimited auto-recharge plan is a great benefit for family floater insurance plans where the medical expenses of any one of the family members has drained the entire coverage for the policy year. Auto recharge is also beneficial for policyholders who are prone to illness and suffer from varying medical conditions all year round.

Benefits of Unlimited Automatic Recharge

Some of the benefits of unlimited automatic recharge are:

1. Timely Treatment of Any Medical Issue that May Arise

As a policyholder, it helps to know that your health insurance policy premium will work hard for you if and when you need it. Proper and timely medical intervention is the key to living a healthy life. Having a policy that renews itself helps you get on with life stress-free

2. Bonus for Family Floater Insurance Plans

Family floater insurance plans that offer group cover for families from a common pool benefit most from auto-recharge. The simple reason being that any one individual’s illness or injuries do not deplete the health cover of the other individual grouped under the policy.

3. Plan Personal Finances Effectively

You can plan your personal finances effectively knowing that large medical expenses will be covered by your health insurance premiums and you need not create a separate contingency fund for it.

A few things to remember

Auto recharge policies come with terms and conditions. You should bear these points in mind when considering the automatic recharge facility.

• Same or related illnesses against which claims have been made for that policy year will not be covered by the auto-recharge facility. This condition may look different in the policy of different service providers. Some allow for the same illnesses to be covered by auto-recharge, while some don’t.
• The amount of automatic recharge will not exceed the sum insured for that policy year. A fairly straightforward stipulation.
• Surplus from the recharge amount will not be carried forward to the next year.
• Automatic recharge amounts can be used for future claims and not past ones.

Conclusion:

To find the best health insurance policy for yourself a comparison of different health insurance plans is essential. To choose the right health insurance for yourself, you must factor in what is important for you - whether it is a cashless mediclaim policy, automatic recharge, low health insurance premiums, family floater, or individual health insurance plans and then make your decision. With numerous competitive products available in the market, it is easy to feel overwhelmed and make a hasty decision. Before you get a quote, browse through marketplaces for policies and compare them against each other. This helps shed light on the features available and what is best suited to your needs.